Belfast Telegraph

Apple pumps £693 million into Chinese ride-hailing app Didi Chuxing

Apple has pumped one billion US dollars (£693 million) into Chinese ride-hailing app Didi Chuxing, the main rival of Uber in the country.

The US tech giant's chief executive Tim Cook said the investment would give the company the chance to "learn more about certain segments of the China market".

It is the largest single investment received by Didi Chuxing, which is the dominant force in China's ride-sharing market. It completes more than 11 million rides a day and holds an 87% market share for car-hailing in China.

The move is likely to pile more pressure on Uber, which has been struggling in China, losing more than one billion US dollars a year in the country.

Mr Cook added: ""We are making the investment for a number of strategic reasons. Of course, we believe it will deliver a strong return for our invested capital over time as well."

Apple joins the likes of Chinese internet titans Tencent and Alibaba in investing in Didi Chuxing.